Monte Carlo Fashions sees continued growth in FY22 Q3
Monte Carlo Fashions recorded its highest year-to-date sales ever in the third quarter of the 2022 financial year, thanks to sales volume growth, retail expansion, and calibrated price increases.
Following a 665% rise in its net profit to total Rs 34 crore ($5.1 million) in the second quarter of the 2022 financial year, Monte Carlo Fashions announced that this trend of growth continued into the third quarter, Capital Market reported. The business’ announcement caused its stock to hit an upper circuit of 10% at Rs 665.95.
Monte Carlo Fashions’ third quarter revenue represented a 35% increase over year-to-date sales in the 2020 financial year and was 15% over year-to-date sales in the 2019 financial year, Business Standard reported. The business attributes this growth to economic recovery from previous effects of Covid-19 in the third quarter, as well as especially cold winters in North India.
Brick-and-mortar expansion also helped to increase sales for the business. In the third quarter, Monte Carlo Fashions opened 13 new exclusive-brand outlets to bring its EBO total to 318.
The brand recently launched its winter collection which features knitwear, formal and casual outerwear, denim, and separates. Monte Carlo also retails a range of activewear including tracksuits and jackets and home furnishings including bed linen sets in a variety of patterns and colours.
Monte Carlo Fashions retails men’s, women’s, and children’s western wear and has offices in Ludhiana and Gurgaon. The brand also retails from its dedicated e-commerce store and has a segment on its website for investors looking to open franchise outlets.
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